Updated: Oct 14
The National Bureau of Economic Research (NBER) has not yet classified the current economic downturn as a recession, but most experts agree that we are in one.
This is based on the fact that we have now seen two consecutive quarters of negative GDP growth. In the first quarter, GDP contracted by 1.6 percent and in the second quarter it shrank by 0.6 percent (final reading confirmed).
While NBER believes the depth of the current contraction has not yet reached the level that would be necessary for an official recession classification, it is clear that we are experiencing an economic downturn…If this trend continues, we will likely see an official recession designation in the near future.